R&M 2008 survey placed HSBC on the honorable position. Another new contender in this year rating is RBC Dexia. The only organisation to see its score fall was Citigroup – however it must be pointed out that overall responses are relatively small which does mean fluctuations are likely from year to year.
The survey analyses service levels offered by trustees in Dublin to fund promoters. Banks were assessed on 23 different aspects of their service and scored out of a maximum of 7 for each. All banks actively offering a trustee service in the Dublin market were given the opportunity to participate.
“With such high levels of service being offered by the industry’s policemen, appointed on behalf of investors, one wonders if this model of fiduciary responsibility shouldn’t be mirrored in investments other than mutual funds, such as hedge funds,” says Richard Hogsflesh, managing director of R & M Surveys. “If there had been trustees appointed to the Madoff funds, $50 billion would not have disappeared. The trustees would not have sanctioned it.”
L.D.